The Dogecoin price has risen to $0.073108 today, marking a 1% gain in 24 hours and nearly a 9% gain in a week.
DOGE’s current price also means that it has gained by 20% in the last 30 days, although the meme token has risen by only 4% since the beginning of the year.
This counts as underperformance compared to many other major tokens, yet the flipside of DOGE’s mediocre 2023 is that it sets the coin up for a big rebound.
And with its 24-hour trading volume passing $1 billion, there’s enough activity for further gains in the near future.
Dogecoin Price Prediction as $1 Billion Sends DOGE Soaring 9% – $1 Incoming?
DOGE’s charts primarily shows two things: 1) that the rally of the past week or so has calmed down a little today; but 2) that momentum remains fairly high.
In other words, DOGE is still in a good position to rally again in the next few days, despite yesterday’s losses.
For one, the coin’s 30-day average (yellow) is rising very strongly towards its 200-day (blue), close to the point of forming a ‘golden cross’ that tends to signal breakout rallies.
Secondly, even though it has dipped, DOGE’s relative strength index (purple) remains at around 65, which indicates continued buying pressure.
And with the token’s support level (green) also rising strongly in the past week, it’s in a good position to make some more gains.
Indeed, its 24-hour trading volume has risen from around $150 million a month ago to more than $1.1 billion today.
93,577,686 #DOGE (7,083,479 USD) transferred from #Robinhood to unknown wallethttps://t.co/FsOskUruKx
— Whale Alert (@whale_alert) November 6, 2023
And given that the end of the year often brings a bull rally, we could easily see DOGE rise some more before 2024 begins.
Likewise, the possibility of a 2024 bull market – made likelier by the next Bitcoin halving – could also help push the Dogecoin price higher.
Yet in terms of fundamentals, it would be unwise to expect DOGE to outperform the market.
This is largely because it’s only hope for the future appears to be the remote possibility that X will introduce crypto payments.
Otherwise, there isn’t much going for DOGE in terms of utility, with other meme tokens – such as Shiba Inu – achieving more on this front recently.
Still, market-wide momentum alone could send DOGE to $0.10 by the end of the year or early weeks of 2024.
New Meme Tokens For New Rallies
One reason why DOGE has underperformed in recent months is that 2023 has seen plenty of new meme tokens emerge, many of which have attracted traders away from more established coins.
While some new meme tokens have had little to recommend them, others have beaten the market on the basis of having virality and (occasionally) utility.
And possibly the next new meme coin to beat the market will be Meme Kombat (MK), an ERC-20 cryptocurrency that has already raised more than $1.25 million in its presale.
Just a picture of the #MemeKombat community absolutely demolishing the $1.2 million milestone
pic.twitter.com/YQQMgzSfza
— Meme Kombat (@Meme_Kombat) November 5, 2023
And when sets Meme Kombat apart from run-of-the-mill meme coins is that it offers a betting platform, enabling users to place bets on AI-generated meme battles.
Such battles will be randomized and visualized in real-time for users to watch, with users able to bet against each other or the platform itself.
The platform pays out winnings in native token MK, which can also be staked to earn a passive income.
MK will have a hard cap of 120 million, and with 50% of this going to the presale and another 30% to staking and battle rewards.
This makes it a highly decentralized meme token, and less exposed to potential dumps than most of its rivals.
New buyers can join its presale by going to Meme Kombat’s official website and connecting their crypto wallets, with MK buyable using ETH, USDT, BNB or fiat currency.
1 MK is selling at $0.183, yet this could easily rise much higher once the token lists on exchanges towards the end of the year.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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